Four Seasons Continues to Welcome Guests to Four Seasons Resort Aviara
Four Seasons Hotels and Resorts continues to manage Four Seasons Resort Aviara, and the Resort is operating as usual. The Company's commitment to providing an exceptional guest experience remains unchanged.
The Company sought an order to prevent Broadreach Capital Partners/Maritz, Wolff & Co. from executing its previously announced plan to improperly assume management of the Resort. Broadreach Capital Partners/Maritz, Wolff & Co. today agreed not to take this course of action.
In 2006, Broadreach Capital Partners/Maritz, Wolff & Co assumed a long-term management agreement with Four Seasons for a remaining 81-year term. The agreement provides for arbitration of all disputes between the parties. Very recently, a dispute arose with regard to the 2009 operating budget for the Resort and Broadreach Capital Partners/Maritz, Wolff & Co.'s obligation to provide working capital necessary to fund debt service. Arbitration has commenced, and Four Seasons will respect and honor its contractual obligations and the arbitration process.
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